Dubai International Captial Board Dissolved in January - Bloomberg.com

Dubai International Capital LLC, the fund owned by Dubai’s ruler, had its board dissolved in January by its parent company, Dubai Holding.

“Dubai International Capital confirms that its board was dissolved in January 2010 by its parent company, Dubai Holding, in order to implement a new governance structure,” Dubai International Capital said in an e-mailed statement today. “DIC is currently under the direct supervision of Dubai Holding. All sub-committees of the DIC board including investment and audit committees remain in place.”

Sameer Al Ansari, the non-executive chairman of DIC, has resigned, The Sunday Times reported today without citing anyone. Ansari quit because of “the poor performance” of the company’s investments, the newspaper said. Ansari also left DIC’s investment committee, and the boards of Travelodge Ltd. and Doncasters Plc, according to the report.